FREE Arkansas Real Estate License Agency Relationships and Disclosures Questions and Answers Flashcards
6 cards from real Arkansas Real Estate License practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 FREE Arkansas Real Estate License Agency Relationships and Disclosures Questions and Answers flashcards as text
Under Arkansas law, when must a real estate licensee provide a written agency disclosure to a prospective client?
Answer: At the first substantive contact
Arkansas requires licensees to provide written agency disclosure at the first substantive contact with a prospective buyer or seller.
In Arkansas, what type of agency relationship allows a broker to represent both the buyer and seller in the same transaction?
Answer: Dual agency
Dual agency occurs when one broker represents both parties, which is permitted in Arkansas with informed written consent from both parties.
Which document must an Arkansas licensee use to confirm the type of agency relationship with a client?
Answer: Agency confirmation statement
An agency confirmation statement is required to formally confirm the agency relationship between the licensee and the client.
What is the primary fiduciary duty an Arkansas real estate agent owes to their client?
Answer: Loyalty, placing the client's interests above their own
Loyalty is a primary fiduciary duty requiring the agent to place the client's interests above their own or those of third parties.
In Arkansas, if a seller's agent discovers a material defect in the property, what is their disclosure obligation?
Answer: Disclose to all parties regardless of whom they represent
Known material defects must be disclosed to all parties in the transaction, regardless of which party the agent represents.
Under Arkansas real estate law, what happens if a licensee fails to make required agency disclosures?
Answer: The licensee may face disciplinary action including license suspension or revocation
Failure to make required agency disclosures can result in disciplinary action by the Arkansas Real Estate Commission, including suspension or revocation of the license.